The current global economy throws a monkeywrench into previous historical cyclical trends. We have never had to factor in massive growth/industrialization in China and India before.

That is part of it, but not all of it. It is still a game of supply and demand. As long as they are able to meet demand, there isn't any reason the prices should be as high as they are. All it took in the past was the US threatening to open up it's reserves and OPEC reacted and prices started to drop. So yes, us putting some resources into helping the world supply of oil should help the prices come down some.